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(PM) United State, 10.04.2010 - “When multiple debts start going out of control and cause a lot of mental stress one of the most effective ways to get rid of those debts is government debt consolidation program. This consolidation program is sponsored by the government and so is very affordable.”
The recession has vaporized the money of many and brought them on the verge of bankruptcy. The reduction in income and increase in the commodity prices is forcing the people to purchase things on debt. When the debt crosses the limit of the debtor, the only resort is to avail government debt consolidation services.
Debt consolidation has distinct advantages such as reduction in the monthly payment and rate of interest. The debtor has to service a single loan instead of multiple debts. This reduces the mental stress of the debtor. Debt consolidation is a way to get rid of debt and simultaneously improve the credit score rating. There are many debtors who get mesmerized by these benefits and yearn to avail debt consolidation, especially the government debt consolidation loans. Government debt consolidation loans are considered secured loan and so the applicable rate of interest is quite low. On the other hand the debt consolidation loans from other financial institutions are usually considered non-secured.
The government debt consolidation program is very famous among the college students because it does not need a good credit score, features low rate of interest and helps the student to get quick riddance from the student loans. There are companies like www.creditcard2.com that facilitate the debtor in availing this program. Most of the debtors have to seek credit card debt consolidation loan just because of rampant use of the credit cards.
Taking into consideration the different types of debtors and their financial situation there are mainly 4 types of government debt consolidation loans.
Standard Payback Plan: This plan features a conventional /common monthly payment amount. This amount is constant over the duration of the loan.
• Extended Payment Plan: This plan prolongs the duration of repayment of the loan consequently leading to a fall in the monthly payment.
• Graduated Payment Plan: This plan features lower monthly payment amount in the beginning that increases after some specific time.
• Income Contingent Plan: The monthly payment in this plan is framed on the basis of the borrower’s income.
This proves that the government debt consolidation program is quite flexible. This is one of the main reasons for its popularity. www.creditcard2.com is now offering bad credit debt consolidation that is tailored for bad credit applicants.
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